Last week we published this blog, which explains our responsible and transparent approach to running our business, and includes details on the proof of reserves audit we release every quarter that confirms we hold all cryptocurrency on a 1:1 basis. In keeping with that approach, and in light of recent turbulence in the market, we think it is important to provide our customers with a further update.
Earlier today, Genesis announced that its lending arm, Genesis Capital – which historically has been Luno’s Lending Partner for the Savings Wallet – is temporarily suspending redemptions and new loan originations.
We recognise that some customers will be concerned about what that means for Luno. However, Luno has previously taken steps to ensure that customers can retain access to Savings Wallet funds in the event withdrawals from Genesis are not possible. Because of that, all Savings Wallet funds are now on the Luno platform. All customers will retain full access to their cryptocurrency held in all Luno wallets including the Savings Wallet.